10 Use Cases of RPA in Banking Industry

 

Recently, Japan’s largest banks such as Sumitomo Mitsui Financial Group Inc. (SMFG), Mitsubishi UFJ Financial Group Inc. (MUFG), and Mizuho Financial Group Inc. (MHFG) were in news for implementing banking automation through Robotic Process Automation (RPA) to save labor and operational costs. Major banks such Axis Bank and Deutsche Bank were also in the news for incorporating RPA in their processes.

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RPA – Accounts Receivable Automation/Invoice Processing Automation

 

In today’s competitive business environment, companies are feeling the heat and looking for ways to discover their edge over rivals. Organizations worldwide are looking for technologies to streamline workflows so that a lot of work can be done in little time thereby saving time, space and money.

One answer to the several questions raised by them is provided by automation technologies. After the runaway success of automation technologies in several fields, every department is looking for the tasks that can be assigned to these technologies so that the manpower can be put to those tasks where humans have an advantage over robots and risks are high.

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How is RPA Changing the Face of BPO Industry?

 

There’s a new kid on the block and it is named Robotic Process Automation. After the success of RPA in a variety of sectors and industries, businesses globally are rushing to embrace it. And one among these is the BPO industry. BPOs today understand that their world is changing. BPOs amongst many others are exploring alternatives to labor arbitrage. It blends well with their business model and complements their core competencies.

RPA is itself a type of outsourcing where instead of assigning work to a human being you are outsourcing the same to a software robot. RPA also threatens existing BPO relationships because of its efficiency and increased usability.

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